A closely watched index that tracks mortgage credit availability — lender requirements on credit scores, down payments and other key loan terms — has some good news for potential home buyers: Things are finally loosening up.
High Yield & Mortgage Plus Trust Announces Upcoming Termination
Mortgage rates have reached their lowest levels since 2007, and these cuts could have a bigger impact on borrower's finances than the popular stamp duty changes.
The Federal Housing Finance Agency will now allow some homebuyers to take out mortgages with down payments as low as 3%.